Is Aeropostale for Sale?

Aeropostale Inc. (New York) is reportedly exploring either the sale of preferred stock to a private-equity firm or a straight-up sale.

Bloomberg News reported that the teen apparel retailer has contacted at least two buyout firms as of last month, as management weighs alternatives. At least one shareholder, Australian investment firm Crescendo Partners (Sydney), has demanded that the New York-based retailer find a buyer.

Aeropsotale ceo Tom Johnson is trying to turn around the company, which has lost money for four straight quarters. He recently announced plans to close as many as 40 underperforming stores this year.